In brief: Neiman concept | Distressed property | RREEF cuts

Staff

Neiman Marcus concept opens at Water Tower, more stores on hold
Neiman Marcus Inc. has opened a CUSP store in Water Tower Place, the sixth location nationwide for the young womens' apparel brand. The 6,000-square-foot CUSP store, which opened last month on the second floor next to New York designer Betsy Johnson, will be the last one for a while. Dallas-based Neiman, which previously said it planned to open four to six additional CUSP stores before July 31, 2010, stopped the expansion at just two, Chicago and Boston, and will re-evaluate plans in late 2009. Nonetheless, Burt Tamsky, Neiman's president and CEO, says he is still optimistic about CUSP's future. "We believe we are broadening our marketshare in reaching a new, younger customer," he said on an earnings conference call last week, according to a transcript.
Chicago has $3.4 billion in worrisome commercial real estate
The Chicago area has $3.41 billion in distressed or "potentially troubled" commercial real estate and is "another market to watch because of its concentration of properties and developments at risk," according to a new report from Real Capital Analytics. Of that total, the Chicago market has 29 properties worth $878 million where

Neiman Marcus concept opens at Water Tower, more stores on hold

Neiman Marcus Inc. has opened a CUSP store in Water Tower Place, the sixth location nationwide for the young womens' apparel brand. The 6,000-square-foot CUSP store, which opened last month on the second floor next to New York designer Betsy Johnson, will be the last one for a while. Dallas-based Neiman, which previously said it planned to open four to six additional CUSP stores before July 31, 2010, stopped the expansion at just two, Chicago and Boston, and will re-evaluate plans in late 2009. Nonetheless, Burt Tamsky, Neiman's president and CEO, says he is still optimistic about CUSP's future. "We believe we are broadening our marketshare in reaching a new, younger customer," he said on an earnings conference call last week, according to a transcript.

Chicago has $3.4 billion in worrisome commercial real estate

The Chicago area has $3.41 billion in distressed or "potentially troubled" commercial real estate and is "another market to watch because of its concentration of properties and developments at risk," according to a new report from Real Capital Analytics. Of that total, the Chicago market has 29 properties worth $878 million where the mortgage is in default, the owner is bankrupt or a foreclosure case has been filed, New York-based Real Capital says. Chicago has 93 commercial properties -- $2.53 billion -- that Real Capital says are "potentially troubled," with either a loan maturing in 2009 or an owner under financial duress. Nationwide, Chicago ranks 10th in the combined number of distressed and potentially troubled properties.

Chicago affected in RREEF job cuts

RREEF Alternative Investments has laid off about 20 people across the country, including a small number in Chicago, a source said. The Deutsche Bank unit made jobs cut primarily from middle-management and lower-level positions. RREEF has about 1,800 employees, according to industry newsletter Real Estate Alert, which first reported the job cuts this week.